Abu Dhabi, UAE: National Central Cooling Company (Tabreed), releasing its 2016 first half consolidated financial results, has announced posting a five per cent net profit increase in its H1 2016. It has also revealed an increase in customer connections by 5,800 TR in the first half of the year, amounting to a total of 980,200 TR.

The company gave the following details:

Financial highlights – six months ended June 30, 2016:

• Net profit attributable to the parent increased by five per cent to AED 160.5 million (H1 2015: AED 153.4 million)
• Earnings per share increased by 34% to 5.9 fils (H1 2015: 4.4 fils)
• Group revenue increased by four per cent to AED 578.6 million (H1 2015: AED 555.3 million)
• Core chilled-water revenue increased by two per cent to AED 516 million (H1 2015: AED 507.2 million)
• EBITDA increased by four per cent to AED 275.4 million (H1 2015: AED 264.4 million)
• Share of results of associates and joint ventures increased by 45% to AED 48.2 million (H1 2015: AED 33.2 million)

Operational highlights – six months ended June 30, 2016:

• Total group connected capacity across the GCC region increased to 980,200 TR, with 5,800 TR of new customer connections added in the first half of the year, as follows:

• 4,200 TR in the United Arab Emirates (UAE)
• 1,600 TR in Qatar

• Electricity of 523 million kilowatt hours was saved across the GCC region – enough energy to power approximately 17,500 homes every year

Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed

This, the company claimed, prevented the release of almost 261,600 tonnes of carbon dioxide – the equivalent of eliminating the emissions of 52,300 vehicles annually.

“As a utility company, Tabreed benefits from having long-term contracts with blue-chip entities across the GCC (region), enabling us to consistently deliver strong results, even in today’s current economic environment,” said Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed. “Tabreed’s first half net profit of AED 160.5 million represents the best first half performance in the company’s 18-year history, further underlining our robust business model and stable revenue stream.”

Jasim Husain Thabet, Chief Executive Officer of Tabreed

He further said, “Tabreed continues to focus on enhancing shareholder value, with earnings per share increasing by 34 per cent compared to the same period last year.”

Jasim Husain Thabet, Chief Executive Officer of Tabreed, said, “Tabreed has a sizable presence across several GCC markets, primarily among them the UAE, Saudi Arabia and Qatar.”

He added, “Tabreed continues to leverage its regional footprint, with profit from our associates and joint ventures increasing by 45 per cent to AED 48.2 million.”